Think about your connection option
How do I connect?
The Exchange allows a transition to electronic messaging through a variety of starting points. By allowing choice in connection options an environment has been created where each organisation can choose a solution that best fits their own internal priorities and requirements.
Entry level is dependent on how much you want to invest and the level of benefit you want to achieve. Full integration will deliver the greatest value to the organisation and is most appropriate for those participants who are fully committed to the electronic transfer of data.
The same connectivity options are available to all market participants; Brokers, Lloyd’s Managing Agents, Company market carriers and Coverholders.
The message management tool is an appropriate connection option for those who want to engage with electronic messaging without committing to the expenditure and time commitments of full integration. Information will not automatically enter internal systems and will still need to be re-keyed, however time savings and speed of placement benefits can still be realised.
These packages provide a range of functionality depending on which supplier is chosen. Typically they will provide message history, tracking/status indicators and individual message inboxes.
Suppliers can host the systems for you or they can be deployed in your own environment according to your requirements.
Whilst MMTs do not initially integrate with back office systems there is a clear upgrade path available from most suppliers which will enable integration at a later date.
Trading platforms offer a trading service which handles the risk distribution and placement process electronically, most usually via a web browser. Like the message management tool they can ultimately integrate with back office systems.
Some organisations will want to develop their own direct ACORD compliant connectivity to the Exchange from internal systems. This allows for messages to be composed from internal systems, and ensures that data contained within responses is appropriately downloaded and managed, with additional opportunities to integrate workflow.
There are a number of companies who provide the gateway software that enables messaging, message management tools and integration services. Please contact us for a list of key suppliers.
In addition, you will also be required to sign and return the Interchange Agreement and the TMEL Terms and Conditions before you can commence with go-live on the Exchange.
Once you have been set up on each environment, connectivity testing will need to be carried out. This can be arranged with trading partners already connected to the Exchange, or the Exchange support team will be able to assist with testing from the internal TMEL test harness. Please contact the TMEL Support Team for further information.
Go - Live
On successful completion of connectivity testing in the Production environment and confirmation of readiness for go-live, the TMEL Support Team will send out an email communication to all connected participants informing them of your organisation’s availability for messaging via TMEL.
Full Press Release here
Full story here
Read the full press release here
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